Styrene Prices

Styrene Prices December 2023

The styrene prices in the Mexico for Q4 2023 reached 1169 USD/MT in December. In Mexico, the styrene market showed a bullish trend despite experiencing price drops toward the end of the year. The market dynamics were shaped by consistent demand and strategic positioning by sellers, who navigated through cautious procurement strategies from buyers amid ample inventories and moderate supply levels.

The price trend for styrene in Japan for Q4 2023, reached 1046 USD/MT in December. Japan's styrene market saw significant price declines due to an oversupply and weak demand from downstream sectors. Despite this, a steady product demand from industries like PS, EPS, and ABS maintained some market activity.  

The price trend for styrene in the Netherlands for Q4 2023, reached 1028 USD/MT in December. The Netherlands observed a decline in styrene prices, driven by excess supply and weaker regional demand. The drop in feedstock prices and production costs further pressured the market. Despite these challenges, downstream sectors remained resilient, helping stabilize the market dynamics amid a softening demand environment.

The price trend for styrene in Saudi Arabia for Q4 2023, reached 957 USD/MT in December. The market experienced a price decline due to reduced demand from Asian markets and perceived overvaluation by buyers. Adequate supply levels and sufficient inventories contributed to a cautious trading atmosphere, with adjustments made in supply chains to maintain market stability and prevent oversupply.

The price trend for styrene in Brazil for Q4 2023, reached 1176 USD/MT in December. In Brazil, the styrene market continued its downward trend, influenced by subdued demand from downstream industries and an oversupply situation. This environment created ample inventories and sluggish market activity. However, despite these challenges, the market managed to remain adaptable amidst changing conditions and pricing dynamics.

Styrene Price Trend, Market Analysis, and News

IMARC’s newly published report, titled “Styrene Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of styrene pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot price of styrene at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of styrene price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing styrene price fluctuations, such as changes in raw material costs, supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Styrene Market Analysis

The global styrene market size reached US$ 7 Billion in 2023. By 2032, IMARC Group expects the market to reach US$ 12.3 Billion, at a projected CAGR of 6.40% during 2023-2032.

• The extensive use of styrene-based products in various end use industries including construction, packaging, electronics, and automotive represents one of the key factors influencing the growth of the market across the globe. Styrene is used in several household items such as rubber, plastic, food containers, accessories of smaller appliances, and many more. According to Statista, the global production of plastics reached a staggering 400.3 million metric tons in 2022. This marks an increase of about 1.6% from the previous year. Plastics production has soared since the 1950s which is likely to fuel the demand for styrene over the coming years.
• Packaging is the single largest usage in which styrene-containing resins, specifically foams, are employed as cushioning and fillers. The increasing demand for styrene in producing polysterene is driving the market growth. Polysterene is widely employed for packaging food, pharmaceutical, and electronics products owing to it protective and lightweight properties which is further fueling the demand for styrene. For instance, in August 2023, Amcor, a worldwide leader in producing and developing responsible packaging solutions announced that it has registered into an agreement to acquire Phoenix Flexibles, expanding Amcor’s capacity in the high growth Indian market.
• Styrene-based products like polystyrene foam are utilized for insulation in roofs, walls, and floors which is contributing to energy efficiency in buildings, thus boosting the growth of the market. According to the Construction Association, construction is a major contributor to the economy in the United States. There were more than 9,19,000 construction formations in the United States in the first quarter of 2023. The industry employees 8.0 million employees and create nearly dollar 2.1 trillion worth structures each year. Construction is one of the largest consumers for manufacturing mining and a variety of services.
• The growing automotive industry, along with the rising demand for styrene in manufacturing components such as car tyres, drive couplings, automotive parts, and mechanical rubber goods through styrene-butadiene rubber (SBR) is facilitating the growth of the market. For instance, in September 2023, Bridgestone, a worldwide leader in tyres and solutions, announced its first tyre manufacturing site to be verified as carbon neutral. The plant at Chakan in Pune, India was audited in May and June 2023 and was subsequently verified according to the international TAS 2060 standards for the year 2022 by leading global assurance partner, LRQA.

Styrene News

The report covers the latest developments, updates, and trends impacting the global styrene market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in styrene production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the styrene price trend.

Latest developments in the styrene industry:

• In November 2022, Chevron Philips Chemical Company LLC and Qatar Energy announced that they are proceeding with the construction of an $ 8.5 billion integrated polymers facility in orange TX likely to create more than 500 full time jobs and approximately 4500 construction jobs in generate an estimated $50 billion for the community in residual economic impacts.
• In April 2024, Ineos completed the acquisition of Naphtachimie, Gexaro and Appryl, which were a 50: 50 Joint Venture between Ineos and TotalEnergies in Southern France at Lavera.

Product Description

Styrene refers to an oily, colorless liquid that possesses a sweet smell which is an organic compound. The chemical formula for styrene is C8H8. It is a derivative of benzene and is an essential monomer in the production of polystyrene, a popular plastic material.

Styrene is extensively employed in the manufacturing of different products such as fiberglass, insulation, disposable cup, plastic packaging human goods due to the properties of styrene.

It is produced industrially from ethylene and benzene, and it polymerizes easily. It offers several advantages in manufacturing, but also needs to be handled with care due to health and safety concerns. Apart from these concerns, styrene's versatility, and key role in producing lightweight, durable, and cost-effective materials make it indispensable in modern manufacturing and consumer products.

Regional Coverage

The report provides a detailed analysis of the styrene market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the styrene price trend.

Global Styrene Price

The report offers a holistic view of the global styrene pricing trends in the form of styrene price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights the current price but also provides insights into styrene historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes.

The report also delves into styrene price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed styrene demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe Styrene Price

During the fourth quarter of 2023, the styrene market in Europe experienced a drop in price due to decreased demand, an excess in product availability, and falling regional adoption. Lower prices for feedstocks, such as ethylene and benzene, combined with decreased crude oil costs, also led to a downward price trend, which further lead to a diminution in production costs. In the Netherlands, the market faced significant value declines, though downstream sectors showed durable fundamentals.  

This analysis can be extended to include detailed styrene price information for a comprehensive list of countries.

North America Styrene Price

The styrene market in the Q4 2023 maintained a stable stance in North America, influenced by adequate demand and supply conditions. Market activities were shaped by factors, such as constrained market off-take and sluggish global demand, which put pressure on prices. In the United States, the market continued to decline toward the end of the quarter. Meanwhile, in Mexico, the market maintained a bullish tone despite some price reductions, driven by steady to high demand. Sellers remained active in taking strategic short positions, navigating through a period marked by substantial inventories and cautious buying approaches from overseas buyers.

Specific styrene historical data within the United States and Canada can also be provided.

Middle East and Africa Styrene Price

In the Middle East and Africa, styrene prices in Q4 2023 demonstrated mixed movements, with a general decline observed from October to December. This is further affected by the decreased demand from APAC markets and oversupply led to price reductions. Moreover, Saudi Arabia, a significant market player, saw a decrease in styrene prices, mainly due to moderate supply and perceived overvaluation of the product. Buyers’ cautious stance and sufficient inventory levels contributed to the market's stability, while supply chain strategies were adjusted to avoid oversupply.  

In addition to region-wise data, information on styrene prices for countries can also be provided.

Asia Pacific Styrene Price

In the Asia Pacific, for Q4 2023, styrene a downward trend was observed in the market, primarily driven by an oversupply situation and weak demand. A drop in additional orders across Asian markets led players to reassess their pricing strategies, resulting in price cuts. Japan experienced the most significant price changes due to burgeoning supply levels and subdued demand, especially from industries. Despite these challenges, the market showed bullish tendencies because of robust demand from downstream sectors. The overall price movement was impacted by ongoing declines in upstream crude oil prices and the depreciation of the local currency, which influenced broader market dynamics.

This styrene price analysis can be expanded to include a comprehensive list of countries within the region.

Latin America Styrene Price

The styrene market in the region experienced a downtrend this quarter, marked by falling prices and weakening demand. The oversupply of styrene, coupled with reduced interest from sectors, such as expanded polystyrene (EPS) and polystyrene (PS), led to substantial stockpiling. Brazil's market faced similar challenges, reasonable supply-demand dynamics, and slow-moving fundamentals.  Despite these conditions, the market displayed resilience, adapting to shifts in freight costs and crude oil prices.  

This comprehensive review can be extended to include specific countries within the region.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of styrene pricing, covering global and regional trends, spot prices at key ports, and a breakdown of Ex Works, FOB, and CIF prices.
• The study examines factors affecting styrene price trend, including raw material costs, supply-demand shifts, geopolitical impacts, and industry developments, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The styrene price charts ensure our clients remain at the forefront of the industry.